Why is the Bitcoin (BTC) Price Up Today

Estimated read time 2 min read

Bitcoin’s price continues charting gains, and it seems that the weekend has caught bears unprepared.
At the time of this writing, BTC is up 2.1% on the day, trading at above $30K – an important psychological and resistance level. It’s worth noting that it’s not the first time this week that Bitcoin has tried to overcome $30K.
On October 16th, prompted by false reports of an approved spot Bitcoin ETF, the BTC price shot up to around $30K on Binance. As soon as the reports were proven to be fake, however, the market corrected.
Two days later, Bitcoin’s price once again shot up to $30K but was once again unable to sustain itself above this pivotal level.
At the time of this writing, BTC trades at $30,101, up 2% on the day and 12% on the week. There doesn’t seem to be a particular reason for the increase, but the broader market optimism toward potential approval of a spot BTC ETF by the United States Securities and Exchange Commission might be a driving force.
Source: CoinGecko
The total trading volume remains relatively low at around $34 billion for the past 24 hours, according to data from CoinGecko. The rest of the market is also trading well in the green, with ETH charting 1.6% gains in the past day as well.
Data from Coinglass reveals that the past day saw a total of $68 million worth of liquidated derivatives positions.
The post Why is the Bitcoin (BTC) Price Up Today appeared first on CryptoPotato.

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